Will You Be Priced Out of Business Class Next Year?

American Express Global Business Travel (GBT) released its annual forecast for air, hotel and ground transportation price changes last month, and the research points to "neutral to slightly higher" prices across the world in 2015.

GBT cites limited economic growth and supply and demand shifts as the major factors in the predictions.

The forecast suggests that the United States' improving economy will result in higher prices across all travel categories in North America next year.

"With new hotel supply limited in many major markets, air industry consolidation and a higher focus on yield management around the world, the slight increases in business travel demand expected should put more pricing power in the hands of suppliers next year," said Patricia Partelow, Vice President, Head of Global Business Consulting, American Express Global Business Travel, in a statement.

Behind an improving economy, airlines are expected to raise their fares for both long (1-3 percent) and short hauls (2-5 percent) in 2015.

However, the International Air Transport Association just recently predicted airfares to drop next year, citing falling fuel prices and increased demand as the main reasons.

Meanwhile, the GBT forecast calls for similar increases in North American hotel rates as a result of increasing demand and a lack of new inventory. But travelers can expect those price increases to vary depending on city or destination.

The GBT forecast predicts mid-range hotel rates to climb anywhere from three to six percent, with upper-range accommodations rising from 3.5 to seven percent next year.

North American ground transportation is anticipated to see increased prices as well, with car rental base rates predicted to increase by anywhere from 0.5 to one percent.

Although there are a number of different factors at play, the economoy's overall improvement in 2014 appears to be the driving force behind the GBT predictions for 2015.

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